ECON BC 3041x Lecture Notes - Lecture 6: Well-Order, Market System, Individualism
1 Oct 2016
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Locke: not an inherent natural scarcity in society until money was created. Money allows for endless accumulation of property and wealth. Scope of individual liberty and state power o. Legit government: concords with extent of the people. Cannot take away one"s property without their consent. No free-riders: if you benefit from the organization of the state then you must pay the cost. *note: smith has a number of digressions that you can ignore if they do not particularly pertain to the course. **foley"s book is a good companion book for smith if you have questions or are confused. Gdp: all of the stuff we need to live comfortably and/or luxuriously: wealth is a deployment of labor. How they deploy that labor and production of goods. Overview of smith: true source of an individuals" power? (also see in chapter 1 and other places) Powerful by how much wealth you own (purchasing power) Are commanding labor (indirectly demanding labor: labor is liberating.
